UPDATE: Enzon Reported Concluded Review of Possible Sale of Assets, Authorizes $1.60/Share Special Dividend, Periodic Royalty Dividends

EnzonPharmaceuticals, Inc. (NASDAQ: ENZN) today announced that it hasconcluded a thorough review of the possible sale or disposition ofone or more corporate assets, or a sale of the Company, and that itsBoard of Directors has approved a $1.60 special dividend per shareand intends to distribute excess cash, expected to arise from ongoingroyalty revenues, in the form of periodic dividends to shareholders.The record date of the special dividend will be May 7, 2013, and thepayment date will be June 4, 2013. Furthermore, the Company hasminimized expenses and will look to maximize the return of royaltyrevenues to shareholders going forward. Enzon receives royalty revenues on seven marketed products, namelyPegIntron(R), Sylatron(R), Macugen(R), CIMZIA(R), OMONTYS(R),Oncaspar and Adagen. For the full year 2012, royalty revenues were $41.5 million. Royalties on PEGINTRON, marketed by Merck & Co., Inc.,comprise the majority of the Company's royalty revenue. Royaltyrevenue on OMONTYS (peginesatide) injection, marketed by Affymax,Inc. and Takeda Pharmaceutical Company Ltd., were subject to anationwide voluntary recall of all lots to the user level as a resultof new postmarketing reports regarding serious hypersensitivityreactions, including anaphylaxis, which can be life-threatening orfatal. As of March 31, 2013, the Company had cash, cash equivalents andmarketable securities totaling $199.3 million and approximately $116million in outstanding 4% convertible notes, which mature on June 1,2013. The special dividend announced today would result in anaggregate distribution to shareholders of approximately $70 million.